http://www.REIClub.com - Hard Money Loans Are a Valuable Tool for Investors. Here Are Advantages and Disadvantages of Using a Hard Money Lender To Get Your Deals Quickly Funded and Closed.
What is it?
Historically, hard money loans were purely equity-based, meaning loan approval rested on the details of the deal and the property. However, due to losses suffered, the industry moved toward requiring decent credit scores and down payments to reduce their risk.
Why use it?
- easier to qualify
- shorter term loans
- quick close
- buy junkers
- higher loan amounts
- interim financing
Terms
- points
- rates
- payments
- length
- LTV
- repair draws
Qualifying
- significant equity
- credit score
- cash on hand
- down payment
- minimum loan amt
- paperwork
How to find?
http://www.reiclub.com/hard-money-lenders.php
- Real Estate Clubs
- Title Companies
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